Daily Technical Forex Forecast 10.05.2019


EUR/USD

The Euro is still trading inside the local range between the level of support 1.1121 and the level of resistance 1.1266-1.1276. If we take a look at our volume chart, here we can see that the large volume is concentrated within this range. Hence, we may assume that big players are gaining their positions in this consolidation.

Hence the best decision is just to wait for the exit of the price from the range and only after that we can open new positions. The breakout movement must be keen and supported by the large volume, which will be a more accurate and reliable signal for entering the market.

While the price is trading inside this range, we’d better stay out of the market.

GBP/USD

Nothing has changed here as the price is still testing the level of support/lower limit of the local consolidation 1.3006. Hence, our previous scenario remains relevant: we may consider a breakdown of the support, which will be a great bearish signal.

The drop of the price must be keen and supported by the large volume, which will be a more reliable and accurate signal for entering the market. A stop loss should be placed above the breakdown volume bar. A potential of the deal is around 100 points.

USD/JPY

The Yen corrected upward after the formation of a new level of support 109.54. The increased volume is concentrated at this level, which means that the major players have opened their positions at this level. Nevertheless, taking into account the presence of a strong local downtrend and the fact that the price is trading near the support, we can consider the scenario of its breakdown, which will allow opening short positions. The breakout movement should be sharp, confident and on a large scale, which will be a more accurate and strong signal to enter the market. Stop loss should be placed slightly above the breakout volume bar. The potential of the transaction is more than 100 points.

USD/CAD

The Canadian dollar is still trading inside the local range between 2 strong volume levels. They are the support 1.3382 and the resistance 1.3514.  Therefore, our previous scenario remains actual: we can open new positions only after the sharp and confident exit of the price from the range. Moreover, the breakout movement must be supported by the large volume, which will be a more secure and accurate signal for entering the market.

While the price is trading inside the range, we’d better stay out of the market.

AUD/USD

The Australian dollar is still locked within the local consolidation 0.6966 – 0.7060. Thus, our scenario remains relevant: we may open new positions only after the exit of the price from it. Furthermore, the breakout movement must be supported by the large volume, which will insure us against a false breakout and will be a more accurate signal for entering the market.

While the price is located inside this range, we’d better omit this instrument from our trading plan.

XAU/USD

The price is still trading inside the local range, where the large volume is concentrated. Hence, we may assume that big players are gaining their positions inside this area before a start of the next local trend. The boundaries of the consolidation are the support 1267.30 and the resistance 1295.10.

Therefore, we may open new positions only after the exit of the price from it. Moreover, the movement must be sharp and supported by the large volume, which will be a more accurate signal for entering the market.

While the price is located inside this consolidation, we’d better stay out of the market.

The sentiment: this technical indicator totally affirms our trading scenarios with GBP/USD and USD/JPY (trading against the “crowd”), which is a great additional signal. As with other instruments, we can open new positions only after the sharp and confident exit of prices from local ranges.

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